Preparation

PREP: 1 minTOTAL: 3 hours

Preheat oven to 300°F. Heat popcorn and oil in covered heavy large pot over medium-high heat until kernels begin to pop. Using oven mitts, hold lid on pot and shake pot until popping stops. Pour popcorn into very large bowl. Cook bacon in heavy large skillet over medium heat until almost crisp. Using slotted spoon, transfer to paper towels to drain; cool. Add bacon and cashews to bowl with popcorn. Sprinkle with coarse salt and cayenne; toss to coat.

Bring cream and tea bag just to boil over medium heat. Remove from heat; let steep 15 minutes, occasionally pressing on tea bag with back of spoon to release flavor. Discard tea bag.

Place caramel corn in oven and bake until caramel is shiny and coats popcorn, tossing mixture occasionally, about 20 minutes. Cool completely on sheet on rack, tossing occasionally to break up large clumps. DO AHEAD Can be made 2 days ahead. Store airtight in refrigerator.